The company says the money will go towards replacing a chairlift, renovating and expanding its summit chalet, creating five new glades ski areas, renovating its restaurant at the base of the mountain, and adding new snow guns.

Alterra says the new chairlift will increase capacity by 600 skiers per hour and it will be adding 400 seats as part of an expansion of the summit restaurant.

The investment comes after Colorado-based Alterra Mountain Co. bought Mont Tremblant last year as part of a larger US$1.5 billion takeover of Intrawest Resort Holdings.

Along with Mont Tremblant, Alterra gained control of Blue Mountain in Ontario, Canadian Mountain Holidays heli-skiing operation in British Columbia, and several U.S. ski hills.

Alterra is a partnership between private equity outfit KSL Capital Partners and family-controlled Henry Crown and Co. that also owns the Aspen Skiing Co. operations.